EdgeVerve systems positioned as a leader in the gartner magic quadrant for global retail core bankin
Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys has been positioned as a leader in Gartner’s Magic Quadrant for Global Retail Core Banking following the evaluation of its Finacle Core Banking solution.
Gartner evaluated eleven Core Banking vendors on the criteria of “Completeness of vision” and “Ability to execute”. This is the 10th consecutive time that EdgeVerve Systems (Infosys Finacle) has been positioned as a Leader in this Magic Quadrant.
“Leaders in the global retail core banking market tend to possess a high-order market understanding. They make it their business to monitor market trends and funnel progressive innovation into their product roadmaps. Most of them possess software development quality certifications (e.g., CMMI) or are pursuing them. The Leaders are also, without exception, "thinking small" or targeting component-based architecture as a gateway to providing increased accessibility to the granular functionality that banks need to drive the basis for differentiation. Leaders have high viability and great customer feedback. They also focus on innovation — and the innovation trends that affect this particular market. They especially focus on trends with visionary capability in managing the ecosystem for open banking platforms by fostering open banking with their products and services and in a collaborative environment with partners,” Gartner stated in the report.
“Most senior executives are investing in digital business transformation, or in other words, building a digital bank. This involves digital technology, but is much more about changing strategy and business models. A digital bank makes money in new ways, for example, by monetising digital identity and sharing business services with ecosystem partners to empower them to build new products and services. Banks as platforms, or open banking, will be needed to make this happen. CIOs cannot execute a new business strategy and business model without a modern CBS that has the agility needed to open up the back office to the front office,” Vittorio D'Orazio, Gartner Research Director said in the report.
“To realise the goal of truly digital transformation, banks need to take a holistic approach. They need to add digital capabilities that will open up new opportunities for growth and profitability, as well as renew the legacy core engines to support continuous innovation across the organisation. With Finacle Core Banking solution, our focus has been on building a world-class componentized core banking solution that provides our clients the flexibility to manage this transformation in a risk-mitigated manner. We believe that Gartner recognising our solution as a Leader is a testimony of our ability to deliver market- leading solutions,” said Sanat Rao, Chief Business Officer and Global Head, Infosys Finacle.